Global Stainless Steel Wire Rods Market Insights, Forecast to 2025

HTF1535201

Stainless steel wire rods are formed by hot rolling billets on continuous revolving mills. Stainless steel wire rods are on the demand of getting a extensive growth in the coming future. The properties of these wire rods such as corrosion resistance, high tensile strength, high ductility, malleability, and greater variety of steel grades have enlarged its applications. These wire rods are mainly used in end-user industries such as agriculture, ship building, automobile, welding, electrodes, and petroleum, among others. In addition, they are also used in various industrial applications such as strengthening materials for tyres and conveyor belts.

One driver in market is increased usage of stainless steel wire in various industries. Stainless steel is used in a wide variety of applications in both industrial and consumer products because of its strength, durability, malleability, corrosion resistance, and attractive surface appearance. The major application of stainless steel wire rods is stainless steel wires which are used widely in many industries. In the automotive manufacturing industry, it is used commonly for reinforcing tires and to produce the drivetrain, steel wheel, exhaust, seating, and vehicle door systems. The global automotive industry is experiencing steady growth, and the volume of automobiles sold is expected to increase. The small vehicle segment consisting of microcars, superminis, and subcompacts account for approximately 34% of global vehicle sales.

APAC accounted for a major share of the stainless steel rods market during 2017. Asia is the largest producer of stainless steel wire rods across the globe, where China is leading region for the production of crude steel. Despite the high production, the rapid consumption of steel products within the country has turned the country into a leading importer of steel products. To revive from the existing imports, the government of China has initiated new investment plans to enhance productivity, which will further affect the growth of stainless steel wire rods market positively.

Global Stainless Steel Wire Rods market size will increase to xx Million US$ by 2025, from xx Million US$ in 2018, at a CAGR of xx% during the forecast period. In this study, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Stainless Steel Wire Rods.

This report researches the worldwide Stainless Steel Wire Rods market size (value, capacity, production and consumption) in key regions like United States, Europe, Asia Pacific (China, Japan) and other regions.